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National Credit Repository

Definition - What does National Credit Repository mean?

A national credit repository is a financial institution that has a specific government grant, which enables them and allows them to maintain files on every person's credit scores and loan histories for the purpose of drawing on such information in the future should the person request future credit. There are only three national credit repositories at present, namely Experion, Equifax and TransUnion. These facilities are also referred to collectively as credit bureaus. A national score is initiated when a loan is requested and any person's ability to borrow money in theory is supposed to be dependent on a good score.

Justipedia explains National Credit Repository

If a person's credit history is accessed through a national credit repository, the person in question is sent a letter informing them of the occurrence and stating who requested it and the reason that it was given, in order to ensure that a person's identity and credit score have not been taken by someone else for identity theft and financial gain.

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